Yellen urges EU to continue stimulating economy

US Treasury Secretary Janet Yellen urged her European colleagues not to abandon pandemic-support measures too soon and to continue stimulating the economy. During a visit of EU finance ministers in Brussels, she also called for close US-EU cooperation in various policy areas, according to Foreign Minister Hans Velebreev (Taxation).

Yellen was the first US Treasury Secretary in a decade to personally attend the European Union Council of Ministers. Consultations lasted more than two hours and discussed, among other things, measures to make economies greener and align agendas. Filbrev described the discussion as “exciting and fun” in a “slightly emotional atmosphere”.

European Commissioner Paolo Gentiloni (Economic and Financial Affairs) also expressed his great pleasure at the meeting. “From a winter of discontent to a summer of complacency,” he called for moving from the cooler transatlantic relations under President Donald Trump to a new cooperative relationship with the Joe Biden administration.

Janet Yellen warned the European Union of the economic risks lurking now that new variables threaten to shut down society once again. According to her, Europe and the United States should continue to pump money into the economy in 2022 and budget rules should be flexible so that they can intervene quickly in new crises.

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